Sainsbury's Finance lauds debt consolidation loans

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Sainsbury's Finance lauds debt consolidation loans

Debt consolidation loans can be a great way for people to cut down their monthly outgoings, a representative from Sainsbury's Finance has asserted.

Steven Baillie, head of loans at the firm, made his comments as the company published statistics showing that less people are taking out personal loans for this purpose than two years ago.

He pointed out that people who are in a lot of debt can stand to make significant savings on their repayments by taking out a loan to cover the outstanding debt.

The finance specialist highlighted how the reduction in the number of people utilising such loans to pay off debt may mean that there are more individuals paying them off rather than consolidating them.

"For those with multiple debts, consolidation is still one way to reduce their monthly outgoings as long as they look around for the best rates on the market," remarked Mr Baillie.

In other recent research by the company, it was found that the number of people planning to buy a car has risen 47 per cent in the past six months.

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